Nicolet Bankshares, Inc. Announces Third Quarter 2021 Earnings
10/19/2021 - 04:02 PM
GREEN BAY, Wis. , Oct. 19, 2021 /PRNewswire/ -- Nicolet Bankshares, Inc. (NASDAQ: NCBS) ("Nicolet") announced third quarter 2021 net income of $7.8 million $0.73 $18.3 million $1.77 $18.1 million $1.72 0.59% , 1.62% and 1.55% , for third quarter 2021, second quarter 2021 and third quarter 2020, respectively.
Net income for the nine months ended September 30, 2021 was $44.3 million $4.22 $42.1 million $3.97 1.24% and 1.35% for the first nine months of 2021 and 2020, respectively.
On September 3, 2021 , Nicolet completed its merger with Mackinac Financial Corporation ("Mackinac "), pursuant to the terms of the definitive merger agreement dated April 12, 2021 , at which time Mackinac merged with and into Nicolet, expanding Nicolet prominently into Northern Michigan and the Upper Peninsula of Michigan , and adding to Nicolet's presence in upper northeastern Wisconsin. Mackinac shareholders received fixed consideration of 0.22 shares of Nicolet common stock and $4.64 Mackinac common stock owned, resulting in the issuance of 2.3 million shares of Nicolet common stock for stock consideration of $180 million $49 million $229 million Mackinac added total assets of $1.5 billion $0.9 billion $1.4 billion $92 million
"We fully expected this to be a noisy quarter from a financial perspective with the closing of the Mackinac acquisition, and the financial results certainly proved that to be true. However, we view our acquisitions as long-term investments in the Nicolet franchise, which helps dampen some of the noise. Our integration team delivered another solid performance of combining two banks. We are especially pleased with the core performance of the bank this quarter. Our people did a great job of serving our customers without being distracted by the Mackinac integration. We remain focused on introducing our brand to new communities, introducing our culture to new employees, and operating an outstanding community bank," said Mike Daniels , President and CEO of Nicolet.
"Our organic loan growth is pacing at 7.5% annualized, and continues to stay ahead of our PPP forgiveness activity. Our credit metrics, including the addition of Mackinac , remain pristine and reflective of our strong credit culture," Daniels said. "We continue to focus on capital management, and although we were out of the market for about half of the quarter due to our M&A activity and related shareholder meetings, we repurchased $17
"The merger, while an exciting part of our business model, created some disruption in our reported earnings performance; however, internally we continue to measure and monitor these results to make sure we are remaining true to our commitment to provide superior shareholder return," commented Bob Atwell , Executive Chairman of Nicolet.
Balance Sheet Review At September 30, 2021, period end assets were $6.4 billion , an increase of $1.8 billion 40% ) from June 30, 2021 , largely due to the acquisition of Mackinac , which added $1.5 billion $0 Mackinac adding loans of $0.9 billion $0.2 billion Birmingham, Michigan branch. Total deposits of $5.4 billion at September 30, 2021 , increased $1.5 billion 38% ) from June 30, 2021, largely due to the acquisition of Mackinac. Total capital was $729 million at September 30, 2021 , an increase of $170 million since June 30, 2021, mostly due to the acquisition of Mackinac . For the quarter ended September 30, 2021 , Nicolet repurchased 233,594 shares at a total cost of $17 $73.31
During 2020, we originated 2,725 PPP loans totaling $351 million 1% contractual rate, and earned a $12.3 million $160 million $9.3 million $5.7 million $9.8 million September 30, 2021 , the net carrying value of all remaining PPP loans was $72 million 2% of total loans), a $78 million $28 million Mackinac acquisition more than offset by continued loan forgiveness.
Asset Quality Nonperforming assets were $21 million September 30 , consisting of $17 million $4 million 0.33% of total assets, compared to $10 million 0.21% at June 30, 2021, and $12 million 0.25% at September 30 , 2020. Since the prior quarter, the allowance for credit losses-loans increased $6 million $38 million September 30, 2021 , the allowance represented 1.09% of total loans.
Income Statement Review Net income for third quarter 2021 was $7.8 million $18.3 million $18.1 million
Net interest income was $35.2 million $0.4 million 1% ) lower than $35.6 million $0.4 million $0.8 million $1.8 million $0.3 million $2.5 million
Average interest-earning assets of $4.7 billion $625 million from second quarter 2021, with higher average loans (up $207 million Mackinac acquisition) and continued growth in other interest-earning assets (up $344 million 22% of total interest-earning assets for third quarter 2021 (compared to 17% for second quarter 2021), while the percentage of loans declined to represent 65% of total interest-earning assets for third quarter 2021 (compared to 70% in the prior quarter). Average interest-bearing liabilities of $3.1 billion $408 million from second quarter 2021, with higher average interest-bearing deposits (up $308 million Mackinac acquisition) and an increase in other interest-bearing liabilities (up $100 million
The net interest margin for third quarter 2021 was 2.94% , down 51bps from 3.45% for second quarter 2021. The yield on interest-earning assets decreased 48bps (to 3.24% ), mostly due to the change in mix of interest-earnings assets, including a higher proportion of lower yielding cash assets, continued PPP loan forgiveness, and lower yield on all other loans (down 13bps from the prior quarter, pressured by new or renewed loans in the low rate environment). The cost of funds increased 5bps (to 0.46% ) for third quarter 2021, attributable mainly to the $100 million
Noninterest income was $14.0 million $6.2 million 31% ) compared to second quarter 2021. Excluding net asset gains (losses), noninterest income was $15.2 million $0.8 million 5% ) from second quarter 2021. Net mortgage income of $4.8 million $0.3 million 6% ) over second quarter 2021. Net asset losses were $1.2 million $4.2 million $0.3 million
Noninterest expense of $33.1 million $2.3 million 8% ) from second quarter 2021. Personnel expense decreased $0.2 million 1% ) from second quarter 2021, while all non-personnel expenses combined increased $2.5 million 18% ) over second quarter 2021. The increase in non-personnel expenses was largely due to higher merger-related expense, a $0.9 million $2 million
On June 22, 2021 , we entered into a definitive merger agreement with County Bancorp, Inc. ("County" (NASDAQ: ICBK)) pursuant to which County will merge with and into Nicolet, to become the premier agriculture lender throughout Wisconsin. Pursuant to the terms and subject to the conditions set forth in the Merger Agreement, County shareholders will have the right to receive for each share of County common stock, at the election of each holder and subject to proration, either $37.18 20% cash and approximately 80% common stock. At June 30, 2021 , County had total assets of $1.5 billion $1.0 billion $1.1 billion $175 million September 7, 2021 , Nicolet had received all regulatory approvals for the County merger. On October 5, 2021 , the shareholders of both County and Nicolet approved the merger at special meetings of their respective shareholders held on that date. Nicolet expects to close the merger on December 3, 2021 , subject to customary closing conditions.
About Nicolet Bankshares, Inc. Nicolet Bankshares, Inc. is the bank holding company of Nicolet National Bank , a growing, full-service, community bank providing services ranging from commercial and consumer banking to wealth management and retirement plan services. Founded in Green Bay in 2000, Nicolet National Bank operates branches in Northeast and Central Wisconsin , Northern Michigan and the upper peninsula of Michigan. More information can be found at www.nicoletbank.com .
Forward Looking Statements "Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995 Certain statements contained in this communication, which are not statements of historical fact, constitute forward-looking statements within the meaning of the federal securities law. Such statements include, but are not limited to, statements about Nicolet's business plans, objectives, expectations and intentions, including without limitation our continuing organic loan growth, as well as certain plans, expectations, goals, projections and benefits relating to the September 2021 merger of Mackinac into Nicolet and the proposed merger between Nicolet and County, all of which are subject to numerous assumptions, risks and uncertainties. Words or phrases such as "anticipate," "believe," "aim," "can," "conclude," "continue," "could," "estimate," "expect," "foresee," "goal," "intend," "may," "might," "outlook," "possible," "plan," "predict," "project," "potential," "seek," "should," "target," "will," "will likely," "would," or the negative of these terms or other comparable terminology, as well as similar expressions, are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.
Forward-looking statements are not historical facts but instead express only management's beliefs regarding future results or events, many of which, by their nature, are inherently uncertain and outside of management's control. It is possible that actual results and outcomes may differ, possibly materially, from the anticipated results or outcomes indicated in these forward-looking statements. In addition to factors disclosed in reports filed by Nicolet with the SEC, risks and uncertainties, including but not limited to risks and uncertainties for Nicolet with respect to its completed merger with Mackinac and its proposed merger with County, that may cause actual results or outcomes to differ materially from those anticipated include, but are not limited to: (1) the possibility that any of the anticipated benefits of either or both of the mergers will not be realized or will not be realized within the expected time period; (2) the risk that integration of Mackinac's operations and/or County's operations with those of Nicolet will be materially delayed or will be more costly or difficult than expected; (3) the inability of Nicolet and/or County to meet expectations regarding the timing of their proposed merger; (4) changes to tax legislation and their potential effects on the accounting for the mergers; (5) the failure of Nicolet and/or County to satisfy any remaining conditions to completion of their proposed merger; (6) the failure of the proposed merger with County to close for any other reason; (7) diversion of management's attention from ongoing business operations and opportunities due to the completed merger with Mackinac and the proposed merger with County; (8) the challenges of integrating and retaining key employees of Nicolet, including those who joined Nicolet from Mackinac , as well as key employees of County; (9) the effect of the announcements and completion of the mergers on Nicolet's, Mackinac's , County's, and/or the combined companies' respective customer and employee relationships and operating results; (10) the possibility that the Mackinac integration, as well as the proposed merger with and integration of County, may be more expensive and time-consuming to complete than anticipated, including as a result of unexpected factors or events; (11) dilution caused by Nicolet's issuance of additional shares of Nicolet common stock in connection with the completed merger with Mackinac and the proposed merger with County; (12) the magnitude and duration of the COVID pandemic and its impact on the global economy and financial market conditions and the business, results of operations and financial condition of Nicolet, County, and the combined company; (13) changes in consumer demand for financial services; and (14) general competitive, economic, political and market conditions and fluctuations. Please refer to each of Nicolet's, Mackinac's , and County's Annual Report on Form 10-K for the year ended December 31, 2020 , as well as their other filings with the SEC, for a more detailed discussion of risks, uncertainties and factors that could cause actual results to differ from those discussed in the forward-looking statements.
The COVID pandemic is adversely affecting us, our customers, counterparties, employees, and third-party service providers, and the ultimate extent of the impacts on our business, financial position, results of operations, liquidity, and prospects is uncertain. Continued deterioration in general business and economic conditions or turbulence in domestic financial markets could adversely affect Nicolet's revenues and the values of its assets and liabilities, lead to a tightening of credit, and increase stock price volatility. In addition, the COVID pandemic may result in changes to statutes, regulations, or regulatory policies or practices that could affect Nicolet in substantial and unpredictable ways.
All forward-looking statements included in this communication are made as of the date hereof and are based on information available to management at that time. Except as required by law, Nicolet does not assume any obligation to update any forward-looking statement to reflect events or circumstances that occur after the date the forward-looking statements were made.
Important Information for Investors This communication relates to the proposed merger transaction involving Nicolet and County. In connection with the proposed merger, Nicolet has filed a joint proxy statement-prospectus on Form S-4 and other relevant documents concerning the merger with the Securities and Exchange Commission (the "SEC"). BEFORE MAKING ANY INVESTMENT DECISION, INVESTORS ARE URGED TO READ THE JOINT PROXY STATEMENT-PROSPECTUS AND ANY OTHER DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED MERGER OR INCORPORATED BY REFERENCE IN THE JOINT PROXY STATEMENT-PROSPECTUS BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT NICOLET, COUNTY, AND THE PROPOSED MERGER. Investors may obtain copies of the joint proxy statement-prospectus and other relevant documents free of charge at the SEC's website (www.sec.gov ). Copies of the documents filed with the SEC by Nicolet are available free of charge on Nicolet's website at www.nicoletbank.com . Copies of the documents filed with the SEC by County are available free of charge on County's website at Investors.ICBK.com/documents.
No Offer or Solicitation This communication shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Nicolet Bankshares, Inc.
Consolidated Balance Sheets (Unaudited)
At or for the Three Months Ended
09/30/2021
06/30/2021
03/31/2021
12/31/2020
09/30/2020
(In thousands, except share data)
Assets:
Cash and due from banks
$
217,608
$
77,634
$
61,295
$
88,460
$
67,922
Interest-earning deposits
1,132,997
714,772
674,559
714,399
785,642
Cash and cash equivalents
1,350,605
792,406
735,854
802,859
853,564
Certificates of deposit in other banks
24,079
23,387
27,296
29,521
32,969
Securities available for sale, at fair value
715,942
562,028
558,229
539,337
535,351
Securities held to maturity, at amortized cost
49,063
—
—
—
—
Other investments
38,602
33,440
28,248
27,619
26,636
Loans held for sale
16,784
11,235
16,883
21,450
8,384
Other assets held for sale
177,627
—
—
—
—
Loans
3,533,198
2,820,331
2,846,351
2,789,101
2,908,793
Allowance for credit losses - loans
(38,399)
(32,561)
(32,626)
(32,173)
(31,388)
Loans, net
3,494,799
2,787,770
2,813,725
2,756,928
2,877,405
Premises and equipment, net
83,513
61,618
59,413
59,944
64,184
Bank owned life insurance ("BOLI")
100,690
84,347
83,788
83,262
82,905
Goodwill and other intangibles, net
269,954
173,711
174,501
175,353
176,213
Accrued interest receivable and other assets
86,162
57,405
45,867
55,516
48,764
Total assets
$
6,407,820
$
4,587,347
$
4,543,804
$
4,551,789
$
4,706,375
Liabilities and Stockholders' Equity
Liabilities:
Noninterest-bearing demand deposits
$
1,852,119
$
1,324,994
$
1,216,477
$
1,212,787
$
1,135,384
Interest-bearing deposits
3,576,655
2,614,028
2,684,117
2,697,612
2,577,424
Total deposits
5,428,774
3,939,022
3,900,594
3,910,399
3,712,808
Short-term borrowings
—
—
—
—
—
Long-term borrowings
144,233
45,108
43,988
53,869
405,826
Other liabilities held for sale
47,496
—
—
—
—
Accrued interest payable and other liabilities
58,039
43,822
49,176
48,332
48,872
Total liabilities
5,678,542
4,027,952
3,993,758
4,012,600
4,167,506
Stockholders' Equity:
Common stock
120
98
100
100
102
Additional paid-in capital
425,367
261,096
271,388
273,390
289,536
Retained earnings
297,299
289,475
271,191
252,952
234,965
Accumulated other comprehensive income (loss)
6,492
8,726
7,367
12,747
13,465
Total Nicolet stockholders' equity
729,278
559,395
550,046
539,189
538,068
Noncontrolling interest
—
—
—
—
801
Total liabilities, noncontrolling interest, and stockholders' equity
$
6,407,820
$
4,587,347
$
4,543,804
$
4,551,789
$
4,706,375
Common shares outstanding
11,952,438
9,843,141
9,987,897
10,011,342
10,196,228
Nicolet Bankshares, Inc.
Consolidated Statements of Income (Unaudited)
At or for the Three Months Ended
At or for the Nine Months Ended
09/30/2021
06/30/2021
03/31/2021
12/31/2020
09/30/2020
9/30/2021
9/30/2020
(In thousands, except per share data)
Interest income:
Loans, including loan fees
$
35,294
$
35,111
$
33,862
$
34,781
$
34,047
$
104,267
$
101,591
Taxable investment securities
2,061
2,060
1,814
2,003
2,001
5,935
6,115
Tax-exempt investment securities
517
520
545
559
542
1,582
1,542
Other interest income
869
616
655
694
680
2,140
1,917
Total interest income
38,741
38,307
36,876
38,037
37,270
113,924
111,165
Interest expense:
Deposits
2,444
2,433
2,922
3,445
3,784
7,799
13,196
Short-term borrowings
—
—
—
1
—
—
65
Long-term borrowings
1,113
303
313
573
926
1,729
2,584
Total interest expense
3,557
2,736
3,235
4,019
4,710
9,528
15,845
Net interest income
35,184
35,571
33,641
34,018
32,560
104,396
95,320
Provision for credit losses
6,000
—
500
1,300
3,000
6,500
9,000
Net interest income after provision for credit losses
29,184
35,571
33,141
32,718
29,560
97,896
86,320
Noninterest income:
Trust services fee income
2,043
1,906
1,775
1,746
1,628
5,724
4,717
Brokerage fee income
3,154
2,991
2,793
2,673
2,489
8,938
7,080
Mortgage income, net
4,808
5,599
7,230
7,842
9,675
17,637
21,965
Service charges on deposit accounts
1,314
1,136
1,091
1,133
1,037
3,541
3,075
Card interchange income
2,299
2,266
1,927
1,922
1,877
6,492
5,076
BOLI income
572
559
527
936
531
1,658
1,774
Asset gains (losses), net
(1,187)
4,192
711
(620)
217
3,716
(1,185)
Other noninterest income
993
1,529
1,072
1,247
1,237
3,594
3,245
Total noninterest income
13,996
20,178
17,126
16,879
18,691
51,300
45,747
Noninterest expense:
Personnel expense
16,927
17,084
15,116
15,244
14,072
49,127
41,877
Occupancy, equipment and office
5,749
4,053
4,137
4,102
4,051
13,939
12,616
Business development and marketing
1,654
1,210
989
713
810
3,853
4,683
Data processing
2,939
2,811
2,658
2,921
2,612
8,408
7,574
Intangibles amortization
758
790
852
860
834
2,400
2,707
FDIC assessments
480
480
595
360
347
1,555
347
Merger-related expense
2,793
656
—
167
151
3,449
853
Other noninterest expense
1,761
3,663
1,734
1,000
808
7,158
4,695
Total noninterest expense
33,061
30,747
26,081
25,367
23,685
89,889
75,352
Income before income tax expense
10,119
25,002
24,186
24,230
24,566
59,307
56,715
Income tax expense
2,295
6,718
5,947
6,145
6,434
14,960
14,331
Net income
7,824
18,284
18,239
18,085
18,132
44,347
42,384
Net income attributable to noncontrolling interest
—
—
—
98
30
—
249
Net income attributable to Nicolet
$
7,824
$
18,284
$
18,239
$
17,987
$
18,102
$
44,347
$
42,135
Earnings per common share:
Basic
$
0.75
$
1.85
$
1.82
$
1.79
$
1.75
$
4.39
$
4.04
Diluted
$
0.73
$
1.77
$
1.75
$
1.74
$
1.72
$
4.22
$
3.97
Common shares outstanding:
Basic weighted average
10,392
9,902
9,998
10,074
10,349
10,098
10,426
Diluted weighted average
10,776
10,326
10,403
10,350
10,499
10,503
10,605
Nicolet Bankshares, Inc.
Consolidated Financial Summary (Unaudited)
At or for the Three Months Ended
At or for the Nine Months Ended
09/30/2021
6/30/2021
3/31/2021
12/31/2020
9/30/2020
9/30/2021
9/30/2020
(In thousands, except share & per share data)
Selected Average Balances:
Loans
$
3,076,422
$
2,869,105
$
2,825,664
$
2,868,827
$
2,871,256
$
2,924,648
$
2,760,309
Investment securities
611,870
537,632
528,342
520,867
496,153
559,588
479,916
Interest-earning assets
4,734,768
4,109,394
4,089,603
4,091,460
4,216,106
4,313,618
3,768,676
Cash and cash equivalents
1,100,153
716,873
750,075
714,031
864,295
856,983
540,552
Goodwill and other intangibles, net
201,748
174,026
174,825
175,678
169,353
183,632
166,493
Total assets
5,246,193
4,527,839
4,514,927
4,515,226
4,633,359
4,765,665
4,167,902
Deposits
4,448,468
3,897,797
3,875,205
3,793,430
3,636,260
4,075,923
3,320,994
Interest-bearing liabilities
3,093,031
2,684,871
2,764,232
2,744,578
2,933,737
2,848,583
2,632,280
Stockholders' equity (common)
608,946
550,974
544,541
537,920
537,826
568,390
523,904
Selected Ratios: (1)
Book value per common share
$
61.01
$
56.83
$
55.07
$
53.86
$
52.77
$
61.01
$
52.77
Tangible book value per common share (2)
$
38.43
$
39.18
$
37.60
$
36.34
$
35.49
$
38.43
$
35.49
Return on average assets
0.59
%
1.62
%
1.64
%
1.58
%
1.55
%
1.24
%
1.35
%
Return on average common equity
5.10
13.31
13.58
13.30
13.39
10.43
10.74
Return on average tangible common equity (2)
7.62
19.46
20.01
19.75
19.54
15.41
15.75
Average equity to average assets
11.61
12.17
12.06
11.91
11.61
11.93
12.57
Stockholders' equity to assets
11.38
12.19
12.11
11.85
11.43
11.38
11.43
Tangible common equity to tangible assets (2)
7.48
8.74
8.60
8.31
7.99
7.48
7.99
Net interest margin
2.94
3.45
3.31
3.29
3.06
3.22
3.35
Efficiency ratio
65.32
59.37
51.84
48.99
46.18
58.86
52.71
Effective tax rate
22.68
26.87
24.59
25.36
26.19
25.22
25.27
Selected Asset Quality Information:
Nonaccrual loans
$
16,715
$
6,932
$
8,965
$
9,455
$
10,997
$
16,715
$
10,997
Other real estate owned
4,469
2,895
3,797
3,608
1,000
4,469
1,000
Nonperforming assets
$
21,184
$
9,827
$
12,762
$
13,063
$
11,997
$
21,184
$
11,997
Net loan charge-offs (recoveries)
$
58
$
65
$
47
$
515
$
743
$
170
$
869
Allowance for credit losses-loans to loans
1.09
%
1.15
%
1.15
%
1.15
%
1.08
%
1.09
%
1.08
%
Net loan charge-offs to average loans (1)
0.01
0.01
0.01
0.07
0.10
0.01
0.04
Nonperforming loans to total loans
0.47
0.25
0.31
0.34
0.38
0.47
0.38
Nonperforming assets to total assets
0.33
0.21
0.28
0.29
0.25
0.33
0.25
Stock Repurchase Information:
Common stock repurchased (dollars) (3)
$
17,125
$
12,453
$
4,102
$
12,909
$
13,732
$
33,680
$
27,635
Common stock repurchased (full shares) (3)
233,594
157,418
56,886
205,001
234.914
447,898
441,747
Non-GAAP Financial Measures: (2)
Total assets
$
6,407,820
$
4,587,347
$
4,543,804
$
4,551,789
$
4,706,375
Goodwill and other intangibles, net
269,954
173,711
174,501
175,353
176,213
Tangible assets
$
6,137,866
$
4,413,636
$
4,369,303
$
4,376,436
$
4,530,162
Stockholders' equity
$
729,278
$
559,395
$
550,046
$
539,189
$
538,068
Goodwill and other intangibles, net
269,954
173,711
174,501
175,353
176,213
Tangible common equity
$
459,324
$
385,684
$
375,545
$
363,836
$
361,855
Average stockholders' equity (common)
$
608,946
$
550,974
$
544,541
$
537,920
$
537,826
$
568,390
$
523,904
Average goodwill and other intangibles, net
201,748
174,026
174,825
175,678
169,353
183,632
166,493
Average tangible common equity
$
407,198
$
376,948
$
369,716
$
362,242
$
368,473
$
384,758
$
357,411
1
Income statement-related ratios for partial-year periods are annualized.
2
The ratios of tangible book value per common share, return on average tangible common equity, and tangible common equity to tangible assets exclude goodwill and other intangibles, net. These financial ratios have been included as they are considered to be critical metrics with which to analyze and evaluate financial condition and capital strength. See section Non-GAAP Financial Measures for a reconciliation of these financial measures.
3
Reflects common stock repurchased under board of director authorizations for the common stock repurchase program.
Nicolet Bankshares, Inc.
Net Interest Income and Net Interest Margin Analysis (Unaudited)
At or for the Three Months Ended
September 30, 2021
June 30, 2021
September 30, 2020
Average
Average
Average
Average
Average
Average
Balance
Interest
Rate
Balance
Interest
Rate
Balance
Interest
Rate
(In thousands)
ASSETS
PPP loans
$
109,318
$
2,310
8.27
%
$
205,639
$
4,862
9.35
%
$
332,816
$
2,477
2.91
%
Total loans ex PPP
2,967,104
33,001
4.37
%
2,663,466
30,267
4.50
%
2,538,440
31,598
4.89
%
Total loans (1) (2)
3,076,422
35,311
4.51
%
2,869,105
35,129
4.85
%
2,871,256
34,075
4.66
%
Investment securities (2)
611,870
2,805
1.83
%
537,632
2,794
2.08
%
496,153
2,764
2.23
%
Other interest-earning assets
1,046,476
869
0.33
%
702,657
616
0.35
%
848,697
680
0.32
%
Total interest-earning assets
4,734,768
$
38,985
3.24
%
4,109,394
$
38,539
3.72
%
4,216,106
$
37,519
3.50
%
Other assets, net
511,425
418,445
417,253
Total assets
$
5,246,193
$
4,527,839
$
4,633,359
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing core deposits
$
2,665,252
$
1,550
0.23
%
$
2,387,730
$
1,523
0.26
%
$
2,180,575
$
2,541
0.46
%
Brokered deposits
284,164
894
1.25
%
253,816
910
1.44
%
336,026
1,243
1.47
%
Total interest-bearing deposits
2,949,416
2,444
0.33
%
2,641,546
2,433
0.37
%
2,516,601
3,784
0.60
%
PPPLF
—
—
0.00
%
—
—
0.00
%
335,865
297
0.35
%
Other interest-bearing liabilities
143,615
1,113
3.08
%
43,325
303
2.76
%
81,271
629
3.05
%
Total interest-bearing liabilities
3,093,031
$
3,557
0.46
%
2,684,871
$
2,736
0.41
%
2,933,737
$
4,710
0.64
%
Noninterest-bearing demand deposits
1,499,052
1,256,251
1,119,659
Other liabilities
45,164
35,743
42,137
Stockholders' equity
608,946
550,974
537,826
Total liabilities and stockholders' equity
$
5,246,193
$
4,527,839
$
4,633,359
Net interest income and rate spread
$
35,428
2.78
%
$
35,803
3.31
%
$
32,809
2.86
%
Net interest margin
2.94
%
3.45
%
3.06
%
At or for the Nine Months Ended
September 30, 2021
September 30, 2020
Average
Average
Average
Average
Balance
Interest
Rate
Balance
Interest
Rate
(In thousands)
ASSETS
PPP loans
$
173,463
$
11,123
8.46
%
$
199,662
$
4,263
2.80
%
Total loans ex PPP
2,751,185
93,202
4.48
%
2,560,647
97,414
5.01
%
Total loans (1) (2)
2,924,648
104,325
4.71
%
2,760,309
101,677
4.85
%
Investment securities (2)
559,588
8,187
1.95
%
479,916
8,280
2.30
%
Other interest-earning assets
829,382
2,140
0.34
%
528,451
1,917
0.48
%
Total interest-earning assets
4,313,618
$
114,652
3.51
%
3,768,676
$
111,874
3.91
%
Other assets, net
452,047
399,226
Total assets
$
4,765,665
$
4,167,902
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing core deposits
$
2,483,963
$
4,914
0.26
%
$
2,070,500
$
9,894
0.64
%
Brokered deposits
284,738
2,885
1.35
%
279,165
3,302
1.58
%
Total interest-bearing deposits
2,768,701
7,799
0.38
%
2,349,665
13,196
0.75
%
PPPLF
—
—
0.00
%
191,535
507
0.35
%
Other interest-bearing liabilities
79,882
1,729
2.87
%
91,080
2,142
3.10
%
Total interest-bearing liabilities
2,848,583
$
9,528
0.45
%
2,632,280
$
15,845
0.80
%
Noninterest-bearing demand deposits
1,307,222
971,329
Other liabilities
41,470
40,389
Stockholders' equity
568,390
523,904
Total liabilities and stockholders' equity
$
4,765,665
$
4,167,902
Net interest income and rate spread
$
105,124
3.06
%
$
96,029
3.11
%
Net interest margin
3.22
%
3.35
%
(1)
Nonaccrual loans and loans held for sale are included in the daily average loan balances outstanding.
(2)
The yield on tax-exempt loans and tax-exempt investment securities is computed on a tax-equivalent basis using a federal tax rate of 21% , and adjusted for the disallowance of interest expense.
https://www.prnewswire.com/news-releases/nicolet-bankshares-inc-announces-third-quarter-2021-earnings-301403857.html
SOURCE Nicolet Bankshares, Inc.
